A Canadian think-tank has a plan to keep young people from fleeing urban centres in search of more affordable accommodations.
A downtown apartment for $1,200 a month? Here is one group’s plan on how Toronto can rethink its vacant office spaceYouthful Cities is working on a plan to convert vacant office spaces in Canada’s urban centres into residential co-living developments for young people struggling to pay rent in the country’s most expensive cities.
He said while cities around the world have begun to build co-living spaces for young adults, it is a relatively new concept in Canada. “When you create a condo or an apartment, you have to put plumbing into each of those rooms and that's extremely expensive and time consuming… That means that conversions have trouble creating affordable housing, which is what we're focused on at Toboggan Flats,” he said.
“If we look at 30 per cent of your income, which is what people say is what you should spend on housing… that’s 1,250 a month,” he said. “A one-bedroom in Toronto downtown is over 2,500 a month.” The goal for the first phase of the project is to complete about 2,000 units across Canada, with some of those units up and running in 2025.
But stubbornly high office vacancies in Toronto’s downtown core may not be cause for panic as experts say they are optimistic that the sector will rebound, albeit slowly. The older office buildings that have been successful in securing tenants, she said, are typically attracting more traditional businesses, like dental offices, where remote or hybrid work is not feasible.
But she said there are a small number of office buildings in the downtown core that are “ripe for turnover.”“I think they're onto something with the market there, that you have the folks priced out of the housing market,” she said.
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